Okla. Stat. tit. 18, § 18-2051
This is the official text of Okla. Stat. tit. 18, § 18-2051, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Action to recover judgment - Conditions
Official statutory text
A member may bring an action in the right of the limited
liability company to recover a judgment in its favor if all of the
following conditions are met:
1. Either:
a. management of the limited liability company is vested
in a manager or managers who have the sole authority
to cause the limited liability company to sue in its
own right, or
b. management of the limited liability company is
reserved to the members but the plaintiff does not
have the authority to cause the limited liability
company to sue in its own right under the provisions
of an operating agreement; and
2. The plaintiff has made demand on those managers or those
members with such authority requesting that such managers or such
members cause the limited liability company to sue in its own right;
and
3. The members or managers with such authority have wrongfully
refused in the exercise of their business judgment to bring the
action or, after adequate time to consider the demand, have failed
to respond to such demand; and
4. The plaintiff:
a. is a member of the limited liability company at the
time of bringing the action, and
b. was a member of the limited liability company at the
time of the transaction of which he complains, or his
status as a member of the limited liability company
thereafter developed upon him pursuant to the terms of
the operating agreement from a person who was a member
at such time; and
5. The plaintiff fairly and adequately represents the interests
of the members in enforcing the rights of the limited liability
company.
liability company to recover a judgment in its favor if all of the
following conditions are met:
1. Either:
a. management of the limited liability company is vested
in a manager or managers who have the sole authority
to cause the limited liability company to sue in its
own right, or
b. management of the limited liability company is
reserved to the members but the plaintiff does not
have the authority to cause the limited liability
company to sue in its own right under the provisions
of an operating agreement; and
2. The plaintiff has made demand on those managers or those
members with such authority requesting that such managers or such
members cause the limited liability company to sue in its own right;
and
3. The members or managers with such authority have wrongfully
refused in the exercise of their business judgment to bring the
action or, after adequate time to consider the demand, have failed
to respond to such demand; and
4. The plaintiff:
a. is a member of the limited liability company at the
time of bringing the action, and
b. was a member of the limited liability company at the
time of the transaction of which he complains, or his
status as a member of the limited liability company
thereafter developed upon him pursuant to the terms of
the operating agreement from a person who was a member
at such time; and
5. The plaintiff fairly and adequately represents the interests
of the members in enforcing the rights of the limited liability
company.
Status: reserved · Read it on the official government site
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